Judge Schiltz of the U.S. District Court of Minnesota recently issued an opinion in Wells Fargo & Co. v. United States, that qualifies as a key development in the law of economic substance. Taxpayers have battled the government for decades over the precise contours of the judicially-created doctrine often advanced by the government and employed by the courts to deny tax benefits of particular transactions that comply with the strict terms of the Tax Code, but which ... Keep Reading »
New Florida Law Addresses Time for Filing Corporate Tax Returns
On June 2, Florida Governor Rick Scott signed into law House Bill 7099, regarding the corporate income tax. The bill amends Section 220.222, Florida Statutes, which governs the time for filing tax returns. Section 220.222(a) and (b) authorize extensions to file tax returns to taxpayers provided they meet certain of the statute’s requirements. The bill provides that, for taxable years beginning before January 1, 2026, the extension granted to taxpayers with a taxable year ... Keep Reading »
Raffles and other Games of Chance
Fundraising is a core component of most tax exempt organizations’ revenue generation efforts. Raffles and similar games of chance are often employed by tax exempt organizations as fundraising tools. However, if a tax exempt organization is going to conduct games of chance – including raffles – in any state, it needs to consult that state’s laws to ensure it is not violating the state’s gaming laws. Many tax exempt organizations are unaware ... Keep Reading »
Sharing Expenses
The economic climate of the last few years has caused tax exempt organizations to deliver their services and manage their expenses with greater creativity and efficiency. One way to keep costs down is to share employees, office space, or administrative resources with another organization, whether nonprofit or for-profit. Obviously, if the other organization is for-profit, the issue of private benefit arises (and possibly the issue of private inurement if the for-profit ... Keep Reading »
Are your Workers Employees or Independent Contractors?
Tax exempt organizations face the same worker classification issues as for-profit organizations. When an individual performs services for a tax exempt organization on his or her own (not through another organization) and is compensated for such services, that individual is acting as an employee or an independent contractor with respect to the tax exempt organization. Proper classification of a service provider as an employee or an independent contractor is very important ... Keep Reading »
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